The Consumer Financial Protection Bureau is getting under way with a massive data collection that will include information on 10 million American consumers.
According to a Bloomberg News report, the bureau will spend $20 million toward the data collection effort, in which it will purchase anonymous consumer data from national service providers, the likes of which include Experian for its credit card information.
“The new U.S. consumer finance watchdog is gearing up to monitor how millions of Americans use credit cards, take out mortgages and overdraw their checking accounts,” writes Bloomberg’s Carter Dougherty. “Their bankers aren’t happy about it.”
The effort is part of an initiative to make more data-driven decisions, according to the Bloomberg report. That includes enforcement across mortgage markets, for which CoreLogic is contracted to provide data.
“It’s credible to say that within the next year, CFPB will be the best place for consumer finance data,” CFPB’s Sendhil Mullainathan, assistant director for research told Bloomberg. “Anybody who wants to do research on consumer finance will want to be there.”
Written by Elizabeth Ecker